Is It Better To But A New Home Or An Older One?

The housing market is copious with foreclosed home deals for homebuyers. However, the money you believe you are saving through purchasing an older, foreclosed home could be all smoke and mirrors. The benefits of buying a new home are vast. From personal touches to lack of repairs and inefficiencies, buying a newly built house can be more economical to owners who are looking to avoid additional hassles and headaches during the long process of home buying.

Efficiency standards are more rigid than they were just three years ago, and the penalties for violating energy conservation standards can be pricey. Newly built homes will already meet the necessary criteria to match the standards set by the International Energy Conservation codes. More secure living spaces to prevent conditioned air from escaping through seals and triple- or quadruple-paned windows to minimize the transfer of heat are being built into new homes.

New homes are often installed with “greener” appliances and systems. The money to be saved from more energy-efficient appliances can far outweigh the money saved from buying an older home in the long term. The purchasing of new, more energy-efficient equipment can be costly for homeowners with older homes. Both energy and money can be saved when buying a newer home.

Years of surviving the elements may cause serious damages to an older home costing owners thousands of dollars in repairs. New homes will have little to no repair costs and many are built to minimize the costs of maintenance due to the fragile economy. Potential homebuyers should be aware of the costs concerning the upkeep and maintenance of a home and how much they could save in both the short and long term.

Warranties from new homes could save thousands more in repairs, damages, and maintenance. In many cases, builders will agree to a warranty of a year or so to have any damages fixed during that time period when someone offers to buy a new home. Appliances and systems may be under warranty for even longer. Having to repair a cracked foundation or leaky rook could be detrimental to homeowners and their funds.

Bargaining power is in the potential buyer’s favor when buying a new home, in most cases. Individual sellers will look to make the most money they can from selling a property they have owned for an extended period of time. Builders are looking to sell and sell quickly after the construction of a property. Because builders are typically in better financial standing than an individual seller, they may be more prone to accept a loss on a property. In addition, builders are more likely to work out a financing deal with potential buyers due to ownership of their own mortgage companies.

If for no other reason, new homes are preferable over older homes due to their location and property values. New home communities are exactly that: new communities. These areas and their surroundings are typically more valuable than an older community that has not been updated and renovated. New home communities are usually built around newer schools and newer roads with shopping centers and malls within reasonable distance. Perhaps shopping is not very important to you, but when looking to resell you home, it could be very important to potential buyers and could entice them to pay a little more than they originally planned.

Buying a new home is far more economical and budget friendly than buying an older one. Energy standards for the home are up to date and the resell value will be higher. Maintenance fees are significantly reduced and warranties can be afforded. Consumers should make the calculations for how much money they can save in both the short-term and long-term.

Information Provided By

Leave a Reply

Your email address will not be published. Required fields are marked *